Jodi No. 1 is a romantic comedy drama that revolves around two best friends and partners in crime – Jai (Sanjay Dutt) and Veeru (Govinda). They are small time crooks, who first win the trust of the people and then con them. The two encounter a local goon and try to con them, which gets them in trouble and forces them to run away to save their lives. While on the run, they come across a rich businessman Rai Bahadur (Anupam Kher), and decide to make him their next target and con him of his wealth. But soon the two realize that Rai Bahadur’s company is on the verge of going bankrupt and he has pinned all his hopes on Jai and Veeru to get it back on its feet. Will the two succeed in their mission or end up in a bigger problem?